Joe Rennison

And we've seen central banks around the world move more into gold.

That's a bit of a shift away from dollar assets.

That's a concern about the sort of safety and soundness of U.S.

markets kind of continuing in the way that they have for so long.

We're also seeing some of that reflected in money moving away from the U.S.

stock market.

Yes, we have these big tech companies that are leading and are at the forefront of AI, but we've also had that for a while.

So there's been a lot of money come in from international markets into the U.S.

market chasing those returns.

We're starting to see that ebb a little bit.

We're seeing more money going into European markets or other emerging markets as people dial down some of their exposure to the U.S.,

Perhaps one of the most obvious or classic signs of concern is in defaults.

So companies unable to pay their debts back and actually going into either bankruptcy or having to negotiate with their creditors.

We saw this recently in the subprime auto lending space.

So car loans to people that are considered risky borrowers.

Mm-hmm.

It does hint and show there is some fraying of the strength of the consumer that has driven the economy since the pandemic.

And there is some sign that consumers are coming under strain.

If that follows through, you can see how that lowers consumer spending at big box stores.

You can then see how that flows through into the stock market as revenues decline for some of those companies and things like that.